they accepted "pending the purchase of THEIR new home"
Can they legally back out of the offer since they've accepted? I don't know that they will, but I'm afraid it might happen
2007-09-20 08:07:18 · 7 answers · asked by deebop_a_lula 3 in Business & Finance ➔ Renting & Real Estate
It is called a contingency and yes, they are allowed to void the contract if they are unable to find or close on their new home. If they do exercise the option to void the contract, you have no recourse.
2007-09-20 08:14:32 · answer #1 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
OK, this is the deal, unless it clearly said in the initial listing agreement that this sale was subject to them purchasing a new home, then what you have from them is actually a counter offer
I would reject their counter offer part that says pending purchase of new home, in this market its buyers that control not the sellers inform them you do not accept the counter offer take the initial offer or leave it
2007-09-20 08:35:48 · answer #2 · answered by goz1111 7 · 0⤊ 0⤋
Any additional language added when they accepted your offer is usually considered a counter-offer, which you can take or leave. If you accept, than you agree to their counter-offer contingent on them purchasing another home. At that point, they can legally back out of the contract if they do not purchase a home.
2007-09-20 08:16:52 · answer #3 · answered by Anonymous · 0⤊ 1⤋
They haven't accepted your offer; they've made a counter-offer.
Tell them you will accept their counter-proposal, provided that for every month closing is delayed, they reduce the price of the property by $3000.
2007-09-20 08:18:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Only if you accept that contingency. If they added that to your offer, theirs is a counter-offer and you are under no obligation to accept it. Personally, I'd tell them to drop that contingency; they can always rent for a while.
2007-09-20 08:19:21 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
They can back out until the exchange of contracts, after that they can back out but would lose they're deposit which is paid on exchange.
2007-09-24 02:27:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As long as no paperwork has been signed, they can back out anytime. Also, after the buyer signs the papers, she gets a grace period where she can back out too.
2007-09-20 08:15:37 · answer #7 · answered by Mrs Apple 6 · 0⤊ 1⤋